Re: Re: StressMD,CCdebt,min pmts,consldt,bk Hedwig- You are definitely the Mount Everest of misinformation. BK 7 is mutually exclusive from your salary POST FILING. It stays on your credit reports for 10 years at worst. There are people here and on other boards that got them deleted earlier. I suggest you read Title 11 U.S.C.-Bankruptcy. If not then quit giving stupid information on subjects you know absolutely zero, zilch, niente about. At least Struggler had the diplomacy, brains and graciousness to call a truce. You would be in good company if you would follow his example.
Re: Re: Re: StressMD,CCdebt,min pmts,consldt,bk Before you start accusing others of giving stupid information, I suggest you go read Sec. 605(b)(1-3)of the FCRA, and then apologize to Hedwig. You are beginning to make alot of people think you have an agenda here.
Re: Re: Re: StressMD,CCdebt,min pmts,consldt,bk I used to be a securities broker, among other things I've dabbled in. I've also been an insurance agent and a real estate agent (meaning I also got involved in mortgage qual to an extent). I have also been an accountant and done taxes. Yes, I think I know that what I posted is in fact true. It involves salaries over a certain amount and loans over a certain amount, where it will be reported forever. I'm just too busy with work right now, when I get a chance I'll try to look up the real numbers. PS--I am in none of these professions currently, except perhaps using some of the accounting/tax in my current position, so don't think I'm trying to drum up business. My current job is with a large corporation.
Re: Re: Re: Re: StressMD,CCdebt,min pmts,consldt,bk I listed the exact sections for him/her to look at.
Re: Re: Re: StressMD,CCdebt,min pmts,consldt,bk Thanks, jlynn, for looking up the cite. It's worse than I remembered--$150K for mortgage, $150K for life insurance, and only $75K for salary. I sure hope a doctor with some specialty would be making more than $75K. I've know numerous people who were "bitten in the butt" by this section. They fill out the form, say they haven't declared BK, then WHAM!! They not only have the problem of having a BK, many of them now have the problem of lying. If you're applying for a government job, a lot of government contractor jobs, VA or FHA loans, you're now in a position of falsifying a government form.
Re: Re: Re: StressMD,CCdebt,min pmts,consldt,bk Exactly, you have to read the application. Does it say: Have you filed for BK in the last x years? Or, have you EVER filed BK?
Re: Re: Re: Re: StressMD,CCdebt,min pmts,consldt,bk That's the very reason that I keep suggesting that Stress exhaust every possible option before running out to file BK. I've also noticed that certain lenders, particularly mortgage companies, are now doing a "public record search" along with the credit pull. So how long does a BK remain public record? I'll bet it's longer than 10 years.
Re: Re: Re: Re: StressMD,CCdebt,min pmts,consldt,bk FOREVER. And it's actually on the credit reports forever, too. As the cite jlynn posted says, for salary over $75K, mortgage over $150K, life insurance over $150K. They can get a "full report." Trust me, it will be there, even if it's been deleted from reporting. Mortgages and life insurance apps cause people trouble all the time when they think they can lie because it's not showing on their credit reports. Then they end up getting turned down for the job, mortgage or insurance they might have gotten otherwise. I've seen it numerous times. Much of the time, if they had been honest they might have gotten whatever they were applying for.
Re: Re: Re: Re: Re: StressMD,CCdebt,min pmts,consldt,bk Yep, and if there is still any doubt remaining, I just talked to Experian this morning about a TL. The Special Services rep made a fleeting comment about well there is a GMAC mortgage account that WAS DELETED A YEAR AGO. So yes, all that stuff is there, waiting for takers.
Re: Re: Re: Re: Re: StressMD,CCdebt,min pmts,consldt,bk And it's all on the full report. I'm not sure if they can report everything forever, but I KNOW they can report the bankruptcy.
Well, the FCRA doesn't exclude anything that can be reported forever, so conceivably, yes, every bad mark can be reported forever.
If a TL was deleted because of a consumers dispute it's not supposed to show, even on the full factual report. But you're right to say it often does. (That's where they get the term "hard delete", as opposed to soft delete). .
Thats why I have always preached to get it deleted if you can, rather than waiting for something to fall off. However, what Experian told me today is a bit alarming, as that account was deleted thru dispute. I'm seriously considering breaking out the checkbook and ordering my COMPLETE FILE from them. Texas has some very distinct differentiations between them in the statutes. I may "go legal" to start with.
This is from a post in the other thread: With that background, don't you think she'd know about full reports?
Re: Re: Re: Re: StressMD,CCdebt,min pmts,consldt,bk Do you think we'll ever see the apology? I hope stress is still reading this thread. This information is important to his future.
Re: Re: Re: Re: Re: StressMD,CCdebt,min pmts,consldt,bk Yes, it is. I just can't imagine a bigger blot on his credit and possibly his future than a BK. Granted, he may come to the point where it's not an option anymore, but I think he should explore every possible alternative.
One of the beauties of this board are those that will not let their voices be beat into submission by someone screaming their way is the only right way. Stress are you there?
Re: Re: Re: StressMD,CCdebt,min pmts,consldt,bk Arguments and everything else aside, this is beautifully written. And unfortunately very true. I can think of many other points to add to the list, but that's the topic of another thread (or better yet, a whole website). Thank you, clc, for these words...
Re: Re: Re: StressMD,CCdebt,min pmts,consldt,bk It is so typical of legal know nothings to take a part of a law out of context and make people believe something that is not true. Overview of the FCRA The Fair Credit Reporting Act is a federal law that governs the use and procurement of consumer reports. Employers often rely on consumer reports (such as criminal background checks, driving record checks, and prior employment checks) to make decisions regarding prospective and current employees.Before obtaining these reports and using them to make decisions regarding hiring and retaining employees, most employers are aware that they must comply with the FCRA requirements. For example, the statute requires that before obtaining a consumer report from a consumer reporting agency: (1) employers provide a written disclosure to the consumer (the employee or applicant) before a consumer report is obtained; (2) the employee or applicant provide written authorization for the obtaining of the report; and (3) the employee or applicant be given a copy of the report (and a summary of rights under the FCRA) before any adverse action is taken against him or her, with the employee or applicant being given sufficient time to raise disputes as to the report's accuracy before any adverse action is taken. After you assimilate this information in your legal geniunes' minds why don't you hop over to U.S. Title 11, Section 525. In case you can't find this section I will copy the pertinent parts word for word for you legal eagles. Section 525. Protection against discriminatory treatment (a) Except as provided in the Perishable Agricultural Commodities Act, 1930, the Packers and Stockyards Act, 1921, and section 1 of the Act entitled ''An Act making appropriations for the Department of Agriculture for the fiscal year ending June 30, 1944, and for other purposes,'' approved July 12, 1943, a governmental unit may not deny, revoke, suspend, or refuse to renew a license, permit, charter, franchise, or other similar grant to, condition such a grant to, discriminate with respect to such a grant against, deny employment to, terminate the employment of, or discriminate with respect to employment against, a person that is or has been a debtor under this title or a bankrupt or a debtor under the Bankruptcy Act,or another person with whom such bankrupt or debtor has been associated, solely because such bankrupt or debtor is or has been a debtor under this title or a bankrupt or debtor under the Bankruptcy Act, has been insolvent before the commencement of the case under this title, or during the case but before the debtor is granted or denied a discharge, or has not paid a debt that is dischargeable in the case under this title or that was discharged under the Bankruptcy Act: (b) No private employer may terminate the employment of, or discriminate with respect to employment against, an individual who is or has been a debtor under this title,a debtor or bankrupt under the Bankruptcy Act,or an individual associated with such debtor or bankrupt, solely because such debtor or bankrupt - (1) is or has been a debtor under this title or a debtor or bankrupt under the Bankruptcy Act; (2) has been insolvent before the commencement of a case under this title or during the case but before the grant or denial of a discharge; or (3) has not paid a debt that is dischargeable in a case under this title or that was discharged under the Bankruptcy Act. ++++++++++++++++++++++++++++++++++++++ The legal conclusion here is clear. An employer can't discriminate against a prospective employee who is seeking job with a salary 75,000+ based on a bankruptcy on his credit report. He cannot be denied his medical license because of a bk. A mortgagee might refuse him a mortgage over $150,000 but I seriously doubt it as they are in for the money. Any mortgagee who would refuse an MD with an income over $200,000/yr would be insane...It just doesn't happen. Insurance policies over $100,000 same story...an MD with a salary over $200,000 is not going to get rejected by any insurance company for an old bk on his credit report. Those are the only permissable people who can view his bankruptcy beyond the 10 year regulation. ABC credit card company cannot....but I doubt he would be applying for a $150,000 limit on a credit card any time soon. So quit using your bogus and unresearched scare tactics. If you want to make legal arguments why don't you go to law school. BK is legal and no one can be disriminated against for filing bk. END OF STORY! clc
